DGAP-News: Adler Modemärkte AG
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Press Release from Adler Modemärkte AG
Preliminary insolvency proceedings initiated
Financial Calendar: Postponements due to Ongoing Reorganisation under Self-Administration
Stores in Austria and Luxembourg trading again - ADLER online shop experiencing high level of demand
Haibach near Aschaffenburg, 22 February 2021 - Publication of Adler Modemärkte AG's annual financial statements for the 2020 financial year, previously slated for 11 March 2021, will be postponed indefinitely due to the Company's reorganisation in insolvency proceedings under self-administration, which were initiated on 12 January 2021. Accordingly, all other previously scheduled publication dates on the financial calendar will also be subject to postponement. This applies also to the Company's Annual General Meeting, which was originally scheduled to take place on 12 May 2021. ADLER will announce the new publication dates on its website www.adlermode-unternehmen.com as soon as they are confirmed.
The Company's aim is to reorganise in line with an insolvency plan developed as part of self-administered insolvency proceedings. The Company has commenced the necessary preparations in service to that aim and in aid of an investor search, and it expects that this preliminary work will continue into June 2021. The Executive Board has appointed the attorney Dr Christian Gerloff, of Gerloff Liebler Rechtsanwälte - a prominent expert on restructuring and insolvency in the textile retail sector - to assist in this process as general representative. The Local Court has appointed the attorney Tobias Wahl, of Anchor Rechtsanwälte, to serve as preliminary trustee.
Non-German companies not affected - Stores in Austria and Luxembourg trading again after lifting of local lockdowns; online trading surges
ADLER stands as a cautionary example that in the textile retail industry, in just under twelve months even a company that at the end of 2019 had reported EBITDA of €70.3 million, after-tax earnings of €5.1 million and record-breaking net liquidity of €70.1 million can still - through no fault of its own - be brought to an existential brink. The lockdowns imposed since March 2020 have seen revenue shrink by approximately €250 million.
The subsidiaries in Austria, Switzerland and Luxembourg are not affected by the insolvency. The three stores in Luxembourg reopened to customers after the lockdown there was lifted on 11 January 2021, and the 24 stores in Austria commenced trading again on 8 February - both under strict hygiene and safety precautions. ADLER customers can continue to shop the product range online at www.adlermode.com or dial 0800-0062010 to place their orders. Online shopping at ADLER picked up pace again in the first weeks of 2021.
Market-leading position and established business model form the basis for a return to profitable growth
Notwithstanding its current situation, ADLER is confident that once it has completed its financial restructuring, the Company will be primed for a return to profitable growth going forward. This confidence is rooted in the Company's market-leading position in the competition over its target group of affluent customers aged 55 and over, whose unique brand loyalty is exemplified by the fact that ADLER can boast more than three million active customer loyalty cardholders. In that connection, in early October 2020, the Company unveiled its "New ADLER" project outlining a strategic programme designed to systematically refine the successful brick-and-mortar store concept in more than 170 locations and to massively expand the Company's online activities. The Executive Board will continue its work to implement the measures under the strategic concept to establish an end-to-end digital value chain, streamline structures and processes and realise further efficiency enhancements.
Adler Modemärkte AG press enquiries and investor relations:Peter Dietz
Media and Investor Relations
Tel.: +49 (0)69 97 12 47-33
About Adler Modemärkte AG:
Adler Modemärkte AG, headquartered in Haibach near Aschaffenburg, Germany, is one of Germany's largest and most important textile retailers. In 2019, the Group generated revenue of €495.4 million and EBITDA of €70.3 million. As at 30 September 2020, ADLER employed a workforce of around 3,350 and currently operates 171 stores, 142 of which are located in Germany, 24 in Austria, three in Luxembourg, two in Switzerland, plus an online shop. The Company focuses on large-space concepts offering in excess of 1,400 m2 of retail space. With its many own brands and select external brands, ADLER offers a highly diverse product range. Thanks to more than 70 years of tradition and strong customer loyalty, ADLER considers itself to be the market leader within its target group of affluent customers aged 55 and over.
For more information: www.adlermode-unternehmen.com; www.adlermode.com
|Company:||Adler Modemärkte AG|
|Industriestraße Ost 1-7|
|Phone:||+49 (0) 6021 633 0|
|Fax:||+49 (0) 6021 633 1299|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1169823|
|End of News||DGAP News Service|